Cleveland-Cliffs, Nucor Shares Are Sliding Tuesday: What's Going On?
Portfolio Pulse from Adam Eckert
Cleveland-Cliffs Inc (NYSE:CLF) and Nucor Corp (NYSE:NUE) shares fell after reporting Q1 financial results that missed analyst estimates. CLF reported revenue of $5.2 billion and earnings of 18 cents per share, missing estimates. NUE reported revenue of $8.14 billion and earnings of $3.46 per share, also missing estimates. Both companies engaged in share repurchases, with CLF also announcing a new $1.5 billion repurchase program. Nucor expects Q2 earnings to decrease due to lower average selling prices in its steel mills segment.
April 23, 2024 | 1:12 pm
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NEGATIVE IMPACT
Cleveland-Cliffs missed Q1 revenue and earnings estimates, reported share repurchases, and announced a new $1.5 billion share repurchase program. Maintained full-year guidance.
Missing Q1 estimates and the announcement of a significant share repurchase program are likely to have mixed short-term impacts. The miss could lead to negative sentiment, while the repurchase program might signal confidence from management.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Nucor reported lower-than-expected Q1 revenue and earnings, repurchased shares, declared a dividend, and forecasted lower Q2 earnings due to decreased steel mills segment earnings.
Nucor's earnings miss and the expectation of decreased earnings in Q2, primarily due to lower average selling prices, suggest a negative short-term outlook. The dividend declaration may provide some support to the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100